Investment Proposal
"Construction and Maintenance of the Wind Power
Station at the Cape Tolsty (Sudak Region)
Description of the Investment Proposal
The
given proposal is considered the construction and maintenance of WEPS
on Tolsty Cape (200 meters above sea leve)l located on the Tosty Cape
in Bugas Bay..30 Wind Power Plants, 300 Kwt each. To provide a stable
station work it is necessary to construct an electric station 110/10
ÊÂ and electricity transmitting lines with 110 Kwt tension to supply
the capacity into "KrimelectroEnergetic System"
Such WEPS construction is thought to produce up to 18
mln Kwt per year.
Fig. 1. Location of the operated and planned Wind Power
Stations
The distinguishing feature of project is a proposal to
buy in Germany and Denmark Wind Energetic Equipment which have already
been used for 5-10 years but having the exploitation resource 20-25
years (these countries now transform their stations to use 600-1500
kwt Wind Power Equipment). Wind Power Equipment are supplied after capital
repair and the price could be about $ 50 000 with the cost of the delivery
and erection of about $ 40 000- 50 000. These turbines are very durable
and require less than Ukrainian turbines maintenance cost.
Experience of use second-hand wind turbines has Russia. Initiators
of the project suggest to get second-hand units from their owners directly
or to use as the intermediary potential of local trading industrial
chambers. In case the price on purchased turbines will be higher of
planned in calculations, joint activity with the Program of development
of the United Nations and Global ecological fund is provided for reception
of the grant.
The project initiators think that for its realization
a joint private venture can be established with "Donuzlav WEPS"
participations.
As an variant, State "Donuzlav WEPS" with their
experts constructed the WEPS and maintain electricity sale and an investor
finances costs to buy wind power equipment, their assembling and erection,
electric substation construction with the following investment return.
The sum of investments makes $4 640 thousands.
The duration of the Station construction is 3 years, taking into account
unstable supply of the used equipment. If Wind Power Equipment is bought
during two years the constructing period could be reduced, which has
a positive influence on economic project indexes.
Implementation of the proposed project could increase
the produced electricity volume up to 18 mln Kwt hour per year. As a
result the profit could be obtained from selling electric energy to
the consumers.
The price in Ukraine or Wind Electric Power is 18.9 kopecks
( Value Add Tax included ), the profit obtained from the electric power
selling from the station could be about $ 640 000 per year. In case
of Green Tariff plan adoption (it is planned in 2003) - $ 900 000 per
year.
Income on the station operation is counted for 9 Years
and based above all on increasing the number of Wind Power Turbines
from 3 (the end of the 1st year) to 30 (the end of the 3rd year).
Economic efficiency coefficients of the project (the current
low electricity cost is considered):
- Net profit with the saved up result - 1,4 million USD (9th year);
- Internal rate of return (IRR) - 11 % íà (15th year);
- Cost benefit ratio (CBR) - 1,009 (15th year);
- Payback period (PP), since beginning of the project, not discounted-
10 years;
- Profitableness index (Pi) - 1, 0 (15th year).
- Depreciated cost of fixed capitals excluding ground and business cost
- $1.6 million (15th year).
Parameters of efficiency of the project are counted taking into consideration
current low cost of the delivered electric power under the tariff 3,7
cents for Kwt/hour. At the tariff of 5 cents for Kwt/hour which statement
is expected up to the end of 2003, the period of a recoupment is reduced
till 7 years from the beginning of its implementation or four years
from the moment of putting into operation of all planned capacities.
Conclusions:
As the basic results of the project:
" Large capacity modern wind electric power station construction
" Additional electricity with a low self-cost
" New jobs creation
" Stable station development due to the reduction of equipment
repair costs (compare of Ukrainian equipment) and low maintenance costs.
" Maintenance of gross revenues of the enterprise in the sum of
0.64 million USD (since 9-th year of the project), and Net Profit of
0.2 million USD for the same period (in view of the current low tariffs).
Fig. 2. The draft of projected Wind Power Station.
The legislative base is presented at the detailed variant.
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the detailed variant
